Production levels of U.K. manufacturers improved slightly in June, and firms continue to expect a modest expansion in output over the coming three months, survey results from the Confederation of British Industry revealed Thursday.
About 14 percent of firms reported that total order books were above normal and 32 percent said they were below, giving a balance of -18 percent in June, the Industrial Trends Survey showed. It was slightly better than -20 percent seen in May, but below the expected -12 percent.
At the same time, the balance for export order books came in at -22 percent, which was the lowest since January 2013. Small and medium-sized firms struggled most with export orders.
Nonetheless, firms predict a modest pick-up over the coming three months.
Stephen Gifford, CBI Director of Economics said, "While an expected improvement in conditions at home and abroad should lead to better prospects for manufacturers, the business climate still remains quite fragile."
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